USA TODAY even thinks it's unfair!
....Though a measure costing $70 billion over five years is not as big as some of Bush's earlier tax cuts, it includes a number of gimmicks to lowball its cost. One is a provision that will allow wealthy people to convert traditional IRAs, which allow tax-free deposits, to Roth IRAs, which allow tax-free withdrawals. This will generate revenue over the next five years because such conversions trigger tax payments. But, over time, the government will lose out on the taxes that traditional IRAs generate at retirement. It's also an indicator that the Republicans know future Congresses will have to pay for their irresponsibility. The only reason to convert an IRA is if you think tax rates will rise.
Nor does the centerpiece of Bush's tax policy - rates of just 15% on dividends and capital gains - passes the fairness test. Most middle-class American wage earners pay higher taxes on the fruits of their hard work than is paid by those fortunate enough to have substantial investment income.
In short, this bill is bad policy in motion. It is time to adopt taxes that are fair, sensible - and stable enough to allow average taxpayers to make plans. bolds mine
Now, I administer the simple IRA program here at work. I also have a Roth IRA that I started myself. The difference between the two is telling: The simple IRA takes pre-tax money and invests it. The proceeds are supposed to be taxed when they are used. The ROTH IRA, on the other hand, uses already taxed money and invests it. Since the money was already taxed, the proceeds are not taxed when used. There is a ceiling(for most of us) on how much you can put in a ROTH per year. To allow this conversion violates those limits. This is just another way to rob the future to pay for an illegal murderous war.
read the whole thing here.